A confluence of external pressures could derail the retail sector's fragile recovery during the crucial Christmas period, Retail Ireland have warned today.
At the sector's major annual conference in the Guinness Storehouse, the group warned that the immediate pressure of the sterling collapse risks driving consumers north of the border and online.
Retail Ireland claim the budget must address the Brexit challenge head-on and support growth. The Group says the Government must reduce the "punitive" tax burden on consumers to support the domestic recovery and ensure no measures add to already high business costs.
They warn that labour costs must reflect the needs of business to compete successfully in a highly competitive market.
The Retail Summit brings together the country's top retailers and this year was addressed by renowned Futurist and Author - Patrick Dixon, Musgrave CEO - Chris Martin and Tony Wheeler, Head of Branch at Peter Jones and John Lewis.
Addressing the Summit, Retail Ireland Director, Thomas Burke commented, "The retail sector is only getting back on its feet following the crisis years. Total employment in the economy is 10% higher than it was four years ago, but retail employment is only 2% higher. This emerging recovery is now vulnerable."
He added, "Despite intense retail competition and falling prices, Brexit has unnerved consumers and currency pressures risk sending shoppers north of the border or online. Retailers are doing everything within their power to facedown the challenge and ensure prices stay low, but the government has a crucial role to play."
Source: www.businessworld.ie
